Internet hubs, links, make up the Internet. Just because Google is on top right now does not mean that they own the hubs. I run a directory site and it's not spam at all. I make good money from affiliates(pay a percentage of sale in most cases) and private advertisers as well. By the time people go through the directory, and click on a link, they are ready to buy something. My advertisers are very happy with the results, they get highly targeted visitors.